Bitcoin Adoption Surges, Ethereum Accumulated Amidst DeFi Growth and Regulatory Debates
Bitcoin Adoption Surges, Ethereum Accumulated Amidst DeFi Growth and Regulatory Debates
The crypto market shows strong signs of adoption and institutional interest, with Jack Dorsey's Square opening Bitcoin payments to 4 million merchants. BitMine significantly increased its Ethereum holdings, accumulating over 110,000 ETH. Uniswap's native token, UNI, experienced a 38% jump following a fee switch and burn proposal, signaling robust DeFi development. Biopharma is also exploring crypto treasuries with a $100M investment. On the regulatory front, the US is clarifying rules for crypto ETFs and trusts regarding staking rewards, and the Senate Agriculture Committee has unveiled a draft bill for market structure. Financial performance among crypto-related companies was mixed, with Gemini reporting losses, Bitdeer seeing its shares drop despite increased Bitcoin production, and eToro showing strong Q3 results.
X users have already reported using the new Bitcoin payment feature at coffee shops across the United States.
BitMine’s massive ETH accumulation accelerated last week, adding 110,288 Ether to its $12.5 billion treasury as it targets 5% of the total supply.
The Uniswap token rose over 38% after the introduction of a protocol fee switch and burning mechanism that could strengthen UNI.
Guidance from the Internal Revenue Service appears to offer additional regulatory clarity for crypto staking through exchange-traded products.
The Senate Agriculture Committee has released a draft bill outlining the proposed regulatory jurisdiction of the country’s two main financial market regulators.
Propanc Biopharma said it will build a crypto treasury after securing up to $100 million from Hexstone Capital to further its potential cancer treatment and reignite investor interest.
Shares in Gemini slumped after the company reported losses in its third-quarter results, largely due to the costs associated with going public.
Bitdeer’s revenue and Bitcoin production jumped in the third quarter amid a push into AI, but its shares slid after the company booked paper losses.
The company posted $20.8 billion in client assets, a 48% increase in profit, and plans for a $150 million share buyback program.